Home > Statistics > Trend Indicator of Output > 2019 > March > Output of the national economy grew in March from the year before, decrease from the previous month

Published: 15 May 2019

Output of the national economy grew in March from the year before, decrease from the previous month

Adjusted for working days, output went up by 1.1 per cent in March 2019 from one year back. Seasonally adjusted output fell in March by 0.3 per cent from the month before. According to revised data, working day adjusted output grew in February 2019 by 2.5 per cent (previously 1.7 per cent) from February 2018.

Volume of total output 2005 to 2019, trend and seasonally adjusted series

The series of the Trend Indicator of Output are seasonally adjusted with the Tramo/Seats method. The latest observations of the series adjusted for seasonal and random variation (seasonally adjusted and trend series) become revised with new observations in seasonal adjustment methods. Revisions especially at turning points of economic trends may be significant, which should be taken into consideration when using seasonally adjusted and trend data.

Working day adjusted change of total output from previous year’s corresponding month, %

Working day adjusted primary production went down by around two per cent, secondary production remained more or less on level with twelve months back. Services grew by around one and a half per cent from March 2018.

Primary production refers to agriculture, hunting, forestry and fishing. Secondary production includes manufacturing and construction. Services comprise trade, hotel and restaurant activities, transport and business activities, as well as real estate, renting and research services, financial intermediation and insurance, and public services.

GDP and employment are estimated to have grown in the first quarter of 2019

Seasonally adjusted GDP is estimated to have risen by 0.6 per cent from the previous quarter. According to the series adjusted for working days, GDP was 2.2 per cent up on the corresponding quarter of the year before. It is estimated that the number of the employed has increased by around 1.5 per cent from one year ago. Adjusted for working days, the number of hours worked was around 1.8 per cent higher than in the same quarter of one year ago.

The data are based on preliminary data of the Trend Indicator of Output. The next quarterly national accounts with more detailed data will be published on 29 May 2019.

Flash estimate, seasonally adjusted, at reference year 2010 prices

Intermediate consumption, as well as taxes and subsidies on products are not estimated in the compilation of the quarterly flash estimate, but quarterly GDP is carried forward with a change based on the data of the Trend Indicator of Output.

Source: Trend Indicator of Output 2019 March, Statistics Finland

Inquiries: Antti Kosunen 029 551 3613, Mikko-Waltteri Sihvola 029 551 3062, kansantalous.suhdanteet@stat.fi

Director in charge: Ville Vertanen

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Updated 15.05.2019